(Oil Price) – U.S. supermajor Chevron has expressed interest in oil and gas exploration offshore Greece, the Greek Ministry of Energy and Environment said on Monday, adding that exploration is part of the national strategy for energy independence and lower energy costs.
Chevron is interested in exploring the area southwest of the Peloponnese peninsula and to the west of the island of Crete, according to the Greek ministry.
Greece has been looking to boost its domestic energy supply by installing renewables and boosting offshore gas exploration after the energy crisis of 2022 and the halt of Russian pipeline gas supply to most EU countries.
Referring to Chevron’s interest, Greece said today that it would imminently announce an international tender and would decide this week on the area up for exploration.
Greece’s state firm Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is also submitting today the environmental impact study on the plans for exploration, the Greek energy ministry said.
Greece sees natural gas as the bridge fuel for Europe by 2050 and for the rest of the world after 2050, it added.
“Chevron’s interest, combined with the fact that ExxonMobil is already active in our country, marks the simultaneous presence of two energy giants and reinforces the belief that Greece can play a leading role in the global energy market and confirms that our country is an attractive investment destination,” the ministry noted.
In October, Greece said that a consortium led by ExxonMobil had successfully completed the first exploration phase southwest of the Greek island of Crete and decided to proceed with the second exploration stage.
Exxon and Helleniq Energy are conducting the exploration studies in a joint venture. The second exploration phase is expected to last three years and its minimum requirement pertains to completing the collection and assessment of 3D seismic data.
Greece has been hoping that its waters could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel.
By Charles Kennedy for Oilprice.com
